NSSI Bulgaria: More than 2 Million Retirees with Increased Amount of Pensions

Business » FINANCE | June 30, 2020, Tuesday // 11:43| Views: | Comments: 0
Bulgaria: NSSI Bulgaria: More than 2 Million Retirees with Increased Amount of Pensions

The State Social Insurance Budget Act (SSSI) for 2020 approved pension expenditures of over BGN 10.5 billion. For the planned modernization and for the increases of the pensions and the supplements to them, a total of BGN 439.5 million of additional funds are provided compared to the Social Security Budget Act for last year.

More than 2 million and 90 thousand pensioners will receive an increase in the amount of pensions / supplements received by them, starting from July 1, 2020. The modernization of pensions granted with a starting date until December 31, 2019 will be carried out by 6.7 per one hundred on the so-called "Swiss rule".

The Social Security Budget Act for 2020 sets a new minimum amount of BGN 250 of the basic pension for length of service and age.
Therefore, from 1 July there will be an increase in other pensions for employment, equated to the minimum amount for the respective type of pension. The maximum amount of pensions or the sum of pensions, without supplements to them, remains at the level of BGN 1,200.

The amounts of non-employment pensions are determined as a percentage of the amount of the old-age social pension, which has been increased from BGN 132.74 to BGN 141.63 by Decree of the Council of Ministers № 107 of 28.05.2020, as of 1 July 2020
As a result of the modernization and the increases, the average amount of the pension of one pensioner in Bulgaria for 2020 is expected to exceed BGN 415.

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